DUBLIN -- The decisive nature of the No vote should persuade European leaders to set aside their hopes of forcing regime change and to focus their minds on the practical implications of a Grexit. They need to acknowledge something that is widely accepted: that Greece cannot pay back all of the money loaned by Europe. Pushing Greece towards a euro exit is probably the strategy that will ultimately minimize the return of money to the creditors.
Why Congress Holding the IMF Accountable for Failed Policies in Greece Could Actually Make a Difference
Unlike many letters from Congress that are ignored by the executive branch, this one might be taken more seriously by the IMF and the U.S. Treasury department -- which is the IMF's most powerful overseer. One reason is that the IMF has been trying for five years to enact reforms in its governance structure that are very important to the Fund and Treasury -- reforms that can't be enacted unless they are approved by Congress.
Defaults are difficult. But even more so is austerity. The good news for Greece is that, as Argentina showed, there may be life after debt and default.
European leaders are finally beginning to reveal the true nature of the ongoing debt dispute, and the answer is not pleasant: it is about power and democracy much more than money and economics.
BUENOS AIRES -- Athens in 2015 will become like Buenos Aires in 2001. Greeks now face the prospect of prolonged capital controls, severe political unrest and eventually a confiscation of ordinary citizens' savings to finance a government's withdrawal from the world.
Five years into Greece's fiscal emergency, the Troika is justifiably skeptical about this week's make-or-break negotiations with Athens. Its leaders have heard these commitments before. For Syriza, this will be its most important test.
Islam is by no means the only faith in which evil intentions are covered by pious phrases. The fantasy of a new Christian Orthodox empire should alarm the world no less than the tremors of the financial markets or the status of the euro.
News of the 10-billion-euro bailout for Cyprus should not be cause for celebration. Europeans are rightly insecure about what comes next, as they should be given the precedent that has been set.